Higher payouts with CareShield Life
PUBLISHED ON 05 Jul 2018
CareShield Life, which will come into effect in two years’ time, will allow Singaporeans to draw higher lifetime payouts that will increase over time.

The Ministry of Health explained in a press release that this scheme is part of the key social policies to ‘strengthen social risk-pooling, facilitate the use of personal and family savings and provide a safety net for long-term care expenses’.

CareShield Life will be implemented for Singaporeans aged 30 – 40 in 2020 and they will also receive transitional subsidies for the first 5 years of the scheme.

For Singaporeans who are already on the Eldershield scheme, the Government will provide Participation Incentives for them to opt for the CareShield Life Scheme, in the first two years from 2021.

With premiums for CareShield Life expected to be higher than the current ElderShield schemes, Singaporeans will be able to pay for the premiums through:
  • MediSave – for personal premiums and of immediate family members
  • Permanent Means-tested Subsidies – Government will provide subsidies for at least two-thirds of Singaporean households
  • Premium Support – Additional support will be given from the Government for Singaporeans who are still unable to pay after premium subsidies.
Minister for Health Mr Gan Kim Yong said in the press release that these measures reflect Singapore’s vision to nurture an inclusive society, supporting Singaporeans for their long-term care needs and providing greater assurance and peace of mind.

More information here.